Plenty of strategies exist for many who desire to purchase NYC luxury real estate but don’t want to spend an exorbitant amount of money. One way would be to buy a unit in a lower floor of an extravagance building. Another floor unit can cost around 19% greater than a comparable unit on the initial floor. Another option would be to seek units with higher maintenance or common charges per month, as those frequently have lower asking prices. Alternatively, some lines in a building can carry an increased price than others… for instance, a unit line with windowed bathrooms will fetch much more on the open market than a line whose bathrooms are lit only by fixtures.
If you need a home loan to purchase a NYC luxury property, you will want to get a mortgage approval letter from your own bank stating the amount of mortgage loan that you are approved. Savvy sellers can legally tell their brokers to only show properties to buyers who are “bank-approved.” apt for rent in doral isn’t the same as an approval letter, and can not qualify you to visit a property under bank-approval requirements.
In the true estate industry, “terms” identifies the stipulations under which money is given. For cash-closers, this relates to among other things, just how many days needed to close. For mortgage holders, it identifies your percentages for interest as well as time needed to have the funds from the bank and transfer them into the appropriate ESCROW account. In a genuine estate transaction, terms are equally as important as cash, since they dictate to sellers under what conditions they’ll get to recoup their original purchase price. If you know your terms inside and out, it will make it easier for your broker or agent to negotiate with sellers for you.
In line with the National Association of Realtors, 88% of people start their property search online. In New York City, home of the savvy shopper, over 90% of buyers and renters start their do some searching online. The importance of doing your own research is to be ahead of your competition – other ready, willing and able buyers. Each NYC luxury building has its rules for purchase and its own amenities to offer. Each area of Manhattan has its own disadvantages, quirks and advantages. And not every agent or broker is equal. You will need to some conduct some preliminary research in order to stay ahead of Your rivals – other ready, willing and able buyers. Which brings us to your next point…
You might have heard this adage before with regards to the NYC Rental market: bring a bank-certified check with you and be ready to close on accommodations unit you like as soon as you see it, as the next person to view it might just snag it from under your nose. Similar fervor pertains to the NYC buyers’ market, specifically for luxury NYC property. International all-cash buyers are likely your strongest competition in the NYC luxury market. They are able to walk right in and say “I’ll take it,” and cash buyers can close in less than two weeks. Know your own finances, and know precisely how quickly you are prepared to move on a house you like. The ability to quickly transfer to ESCROW will give you a significant advantage against other buyers.
Wish property falls beneath the luxury umbrella, does not necessarily mean that it is problem-free. Structural problems such as improper weight baring pillars and roofing issues, evidence of water damage and mold, or piping and HVAC problems are just a number of the problems one can find in any property. That is why it is integral that certain conducts a house inspection before signing on the dotted line. Most importantly, make sure your contract for purchase carries a home inspection contingency, i.e. a statement that permits you to freely walk away from the house if the inspector finds a problem with it. A reliable broker also won’t waste your time and effort or their own by showing you properties that aren’t satisfactory.
The New York City real estate market is a market unto itself, comparable to none other in the usa. It plays by its own level of supply and demand rules. International demand for NYC luxury property is still one significant reason why Manhattan prices are so high in comparison to the areas. REBNY reported that 2012 was probably the most successful year (over $30 billion in property sales) for NYC real estate since 2008. REBNY also reported that broker confidence on the market has been higher in January 2013 than in virtually any month of 2012. Sales numbers across most brokerages indicate the fact that we are continuing to trend towards a sellers’ market, as sellers and co-op boards continue being able to pick and choose among a pool of possible buyers. Know that the NYC luxury real estate market is not depressed at all and factor this knowledge into your approach to purchase.